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Sterling Infrastructure

STRL Nasdaq Construction & Engineering Financials FY2016–FY2025

Sterling Infrastructure's revenue rose 17.7% to $2.5 billion in fiscal 2025. Its operating margin was 16.3%, up from 12.5% a year earlier. Free cash flow was $363 million, down 12.8%. It paid out $74 million in dividends and buybacks, 20% of free cash flow. The diluted share count fell 0.6%.

Last close · Oct 23, 2026

$355.30

4.7%
Value it Compare
Revenue Total sales reported in the income statement.
$2.5B
17.7% vs prior year
Operating margin Operating income as a share of revenue.
16.3%
3.8 pts
Net income Profit after all expenses, interest and tax.
$290M
12.7%
Free cash flow Cash from operations minus capital spending.
$363M
12.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
40.8%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$11.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.6x
On $13.88 EPS (TTM)

What Sterling Infrastructure does

No business description yet.

Legal name
STERLING INFRASTRUCTURE, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000874238-26-000024
0000874238

Revenue and margins

Sterling Infrastructure had $2.5B of revenue in fiscal 2025, up 17.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $363M in fiscal 2025, 14.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Sterling Infrastructure returned $74.2M to shareholders in fiscal 2025, 20% of free cash flow. The diluted share count fell 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Sterling Infrastructure yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $99.3M and divides by 30.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.6x · peers 20.5x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Sterling Infrastructure can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $60.9M$182M$472M$664M$391M
Debt incl. finance leases $452M$432M$342M$317M$291M
Net debt / EBITDA 2.8x1.2x−0.5x−1.0x−0.2x
Debt / equity 1.3x0.9x0.6x0.4x0.3x
Interest coverage 6.2x8.3x7.6x11.3x22.8x
Current ratio 1.2x1.3x1.3x1.4x1.0x
Quick ratio 1.2x1.3x1.3x1.4x1.0x
Total assets $1.2B$1.4B$1.8B$2.0B$2.6B
Total liabilities $875M$964M$1.2B$1.2B$1.5B
Shareholders' equity $359M$475M$619M$808M$1.1B
Net debt (− = net cash) $391M$250M−$129M−$347M−$99.3M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$96.3M

5 insiders

Of sales under plans

98%

$94.1M

DateInsiderTradeSharesPriceValueFiling
Jun 25, 2026 Mark D. WolfGeneral Counsel, Corporate Sec Sold 2,500 $888.00 $2.2M Form 4
Apr 23, 2026 Joseph A CutilloChief Executive Officer Sold plan 50,000 $497.57 $24.9M Form 4
Mar 25, 2026 Joseph A CutilloChief Executive Officer Sold plan 50,000 $453.48 $22.7M Form 4
Mar 12, 2026 Dwayne Andree WilsonDirector Sold plan 1,260 $405.95 $0.5M Form 4
Mar 10, 2026 Joseph A CutilloChief Executive Officer Sold plan 47,592 $416.21 $19.8M Form 4
Mar 9, 2026 Joseph A CutilloChief Executive Officer Sold plan 52,408 $408.42 $21.4M Form 4
Mar 9, 2026 Julie DillDirector Sold plan 4,500 $384.28 $1.7M Form 4
Mar 5, 2026 Dwayne Andree WilsonDirector Sold plan 1,200 $412.36 $0.5M Form 4
Feb 9, 2026 Dana C. O'BrienDirector Sold plan 2,000 $410.00 $0.8M Form 4
Feb 6, 2026 Dana C. O'BrienDirector Sold plan 2,000 $395.00 $0.8M Form 4
Jan 16, 2026 Dwayne Andree WilsonDirector Sold plan 2,860 $350.00 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 98 / 97 / 9
Accruals ratio −21.1%−12.6%−6.4%
Altman Z'' 2.573.462.91

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Sterling Infrastructure STRL $11.0B 17.7% 16.3% 14.6% 40.8% 25.6x 7
IES IESC $4.3B 16.9% 11.4% 6.5% 50.5% 9.5x 6 Compare →
Tetra Tech TTEK $9.6B 4.7% 7.5% 8.1% 11.2% 22.3x 6 Compare →
Dycom Industries DY $6.8B 18.0% — 7.2% 10.9% 20.5x 6 Compare →
APi Group APG $17.2B 12.7% 7.0% 8.4% 7.7% — 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $690M $958M $1.0B $1.1B $1.2B $1.4B $1.8B $2.0B $2.1B $2.5B
Gross profit $42.1M $89.1M $110M $108M $180M $204M $275M $338M $426M $572M
Operating income −$4.7M $26.2M $42.6M $37.8M $92.6M $107M $160M $206M $265M $406M
Interest expense $2.6M $9.8M $10.8M $11.6M $26.9M $17.2M $19.3M $27.0M $23.4M $17.8M
Pretax income −$7.3M $15.9M $31.3M $14.5M $61.7M $87.5M $148M $186M $345M $389M
Income tax $0.1M $0.1M $1.7M −$26.2M $19.4M $24.9M $41.7M $47.8M $87.4M $98.8M
Net income −$9.2M $11.6M $29.5M $40.7M $42.3M $62.6M $107M $139M $258M $290M
Diluted EPS −$0.40 $0.43 $0.93 $1.47 $1.50 $2.15 $3.48 $4.44 $8.27 $9.38
Diluted shares 0.02B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B
Cash flow
Cash from operations $44.3M $24.8M $39.5M $42.1M $123M $159M $219M $479M $497M $440M
Capital expenditure $10.9M $9.4M $13.2M $15.4M $32.9M $46.7M $60.9M $64.4M $81.0M $77.3M
Free cash flow $33.4M $15.4M $26.3M $26.7M $90.0M $112M $158M $414M $416M $363M
Depreciation and amortization $15.7M $17.0M $16.8M $20.7M $32.8M $34.2M $52.1M $57.4M $68.4M $77.1M
Stock-based compensation $1.8M $2.8M $3.1M $3.8M $11.6M $11.8M $12.7M $14.6M $19.0M $24.2M
Acquisitions $0.0M $54.9M $0.0M $396M $0.0M $181M $18.0M $51.2M $11.2M $482M
Share buybacks $0.0M $0.0M $4.7M $3.2M $0.0M $0.0M $0.0M $0.0M $70.6M $74.2M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $4.7M $3.2M $0.0M $0.0M $0.0M $0.0M $70.6M $74.2M
Balance sheet
Cash and short-term investments $42.8M $84.0M $94.1M $45.7M $47.7M $60.9M $182M $472M $664M $391M
Total debt $5.4M $90.1M $82.0M $433M $369M $452M $431M $342M $316M $291M
Finance lease liabilities $0.0M $0.0M $0.0M $0.8M $0.6M $0.4M $0.2M $0.7M $0.5M $0.4M
Current assets $176M $279M $303M $330M $362M $435M $597M $848M $1.0B $1.0B
Current liabilities $147M $182M $179M $266M $322M $352M $447M $678M $742M $1.0B
Inventory $3.7M $4.6M $3.2M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $68.1M $54.4M $52.0M $116M $127M $194M $216M $244M $237M $278M
Total assets $302M $463M $483M $935M $953M $1.2B $1.4B $1.8B $2.0B $2.6B
Total liabilities $194M $317M $310M $714M $684M $875M $964M $1.2B $1.2B $1.5B
Shareholders' equity $107M $141M $164M $220M $267M $359M $475M $619M $808M $1.1B
Margins
Gross margin 6.1% 9.3% 10.6% 9.6% 14.6% 14.4% 15.5% 17.1% 20.1% 23.0%
Operating margin −0.7% 2.7% 4.1% 3.4% 7.6% 7.6% 9.0% 10.4% 12.5% 16.3%
EBITDA margin 1.6% 4.5% 5.7% 5.2% 10.2% 10.0% 12.0% 13.4% 15.7% 19.4%
Net margin −1.3% 1.2% 2.9% 3.6% 3.5% 4.4% 6.0% 7.0% 12.2% 11.7%
FCF margin 4.8% 1.6% 2.5% 2.4% 7.3% 7.9% 8.9% 21.0% 19.7% 14.6%
Returns
Return on capital −4.1% 23.3% 25.8% 9.8% 10.6% 11.4% 15.5% 25.0% 40.6% 40.8%
Return on capital employed −3.0% 12.0% 14.6% 7.8% 14.3% 14.1% 17.0% 19.7% 22.3% 28.1%
Return on equity −9.1% 9.3% 19.3% 21.2% 17.4% 20.0% 25.6% 25.4% 36.1% 30.3%
Return on assets −3.3% 3.0% 6.3% 5.7% 4.5% 5.7% 8.0% 8.6% 13.6% 12.5%
Growth
Revenue growth 10.7% 38.8% 8.3% 8.5% 8.9% 15.3% 25.1% 11.5% 7.3% 17.7%
Net income growth — — 154.3% 37.8% 4.0% 48.1% 69.9% 30.2% 85.7% 12.7%
EPS growth — — 116.3% 58.1% 2.0% 43.3% 61.9% 27.6% 86.3% 13.4%
FCF growth 5,558.6% −54.0% 71.4% 1.4% 237.6% 24.7% 40.9% 161.8% 0.5% −12.9%
Share count change 19.4% 15.4% 1.8% −0.3% 4.0% 3.2% 5.0% 2.1% −0.2% −0.6%
Financial health
Net debt / EBITDA −3.4x 0.1x −0.2x 6.6x 2.6x 2.8x 1.2x −0.5x −1.0x −0.2x
Debt / equity 0.1x 0.6x 0.5x 2.0x 1.4x 1.3x 0.9x 0.6x 0.4x 0.3x
Interest coverage −1.8x 2.7x 3.9x 3.3x 3.4x 6.2x 8.3x 7.6x 11.3x 22.8x
Current ratio 1.2x 1.5x 1.7x 1.2x 1.1x 1.2x 1.3x 1.3x 1.4x 1.0x
Quick ratio 1.2x 1.5x 1.7x 1.2x 1.1x 1.2x 1.3x 1.3x 1.4x 1.0x
Capital allocation
Capex / revenue 1.6% 1.0% 1.3% 1.4% 2.7% 3.3% 3.4% 3.3% 3.8% 3.1%
Stock comp / revenue 0.3% 0.3% 0.3% 0.3% 1.0% 0.8% 0.7% 0.7% 0.9% 1.0%
Payouts / FCF 0.0% 0.0% 18.0% 12.0% 0.0% 0.0% 0.0% 0.0% 17.0% 20.5%
Quality scores
Piotroski F-score 6.0 7.0 7.0 6.0 5.0 6.0 7.0 6.0 8.0 7.0
Altman Z'' 0.0 1.6 2.4 1.0 1.4 1.7 2.4 2.6 3.5 2.9
Accruals ratio −18.8% −3.4% −2.1% −0.2% −8.5% −8.8% −8.4% −21.1% −12.6% −6.4%

Source: SEC EDGAR XBRL filings (CIK 0000874238). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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